{"id":9055,"date":"2023-01-08T09:14:54","date_gmt":"2023-01-08T08:14:54","guid":{"rendered":"https:\/\/www.euroekonom.sk\/?p=9055"},"modified":"2024-05-13T14:58:05","modified_gmt":"2024-05-13T12:58:05","slug":"investicie-a-investovanie","status":"publish","type":"post","link":"https:\/\/www.vrtulniky.sk\/news\/investicie-a-investovanie\/","title":{"rendered":"Invest\u00edcie a investovanie"},"content":{"rendered":"<p><strong>Invest\u00edcia<\/strong> je <a href=\"https:\/\/www.euroekonom.sk\/ekonomika\/narodne-hospodarstvo\/zakladne-narodohospodarske-ukazovatele-hdp-a-hnp\/\">\u010das\u0165 HDP<\/a>, ktor\u00e1 sa nespotrebuje v obdob\u00ed jej utvorenia, ale sa u\u0161etr\u00ed, aby sa investovala. Invest\u00edciu m\u00f4\u017eeme ch\u00e1pa\u0165 aj ako s\u00fa\u010det v\u0161etk\u00fdch n\u00e1kladov spojen\u00fdch s obstaran\u00edm pr\u00edslu\u0161n\u00fdch akt\u00edv.<br \/>\n<strong>Investovanie<\/strong> predstavuje <a href=\"https:\/\/www.euroekonom.sk\/peniaze-financny-trh-a-kapitalovy-trh\/\">alokovanie kapit\u00e1lu<\/a> do jednotliv\u00fdch zlo\u017eiek majetku. Cie\u013eom investi\u010dnej politiky je pr\u00edprava, v\u00fdber a realiz\u00e1cia investi\u010dn\u00fdch projektov, ktor\u00e9 prispievaj\u00fa k rastu trhovej hodnoty firmy.<\/p>\n<h2>Invest\u00edcie<\/h2>\n<p>H\u013eadisk\u00e1, ktor\u00e9 zoh\u013ead\u0148ujeme pri invest\u00edcii:<\/p>\n<ul>\n<li><strong>ekonomick\u00e9 h\u013eadisko<\/strong> &#8211; z\u00edskavanie fixn\u00e9ho kapit\u00e1lu \u2013 akt\u00edv, ktor\u00e9 zvy\u0161uj\u00fa produk\u010dn\u00fd potenci\u00e1l podniku,<\/li>\n<li><strong>finan\u010dn\u00e9 h\u013eadisko<\/strong> &#8211; pe\u0148a\u017en\u00fd v\u00fddaj v z\u00e1ujme z\u00edskania hmotn\u00fdch popr\u00edpade finan\u010dn\u00fdch akt\u00edv,<\/li>\n<li><strong>\u00fa\u010dtovn\u00e9 h\u013eadisko<\/strong> &#8211; pe\u0148a\u017en\u00e9 v\u00fddaje a pr\u00edrastok nehnute\u013en\u00fdch akt\u00edv, ktor\u00e9 podliehaj\u00fa amortiz\u00e1cii.<\/li>\n<\/ul>\n<p>Ide\u00e1lna invest\u00edcia m\u00e1 vysok\u00fa v\u00fdnosnos\u0165, je bez rizika a \u010do najr\u00fdchlej\u0161ie sa vr\u00e1ti. Realita: invest\u00edcie s vysokou v\u00fdnosnos\u0165ou s\u00fa obvykle aj vysoko riskantn\u00e9.<\/p>\n<h2>\u0160pecifik\u00e1 invest\u00edci\u00ed<\/h2>\n<p>S investi\u010dn\u00fdmi projektmi s\u00favisia r\u00f4zne \u0161pecifik\u00e1, ktor\u00e9 komplikuj\u00fa rozhodovanie mana\u017ementu i samotn\u00fd proces hodnotenia jednotliv\u00fdch investi\u010dn\u00fdch projektov. Medzi tieto \u0161pecifik\u00e1 sa zahr\u0148uje (Valach, 2005, 51):<\/p>\n<ol>\n<li><strong>Dlhodob\u00fd horizont<\/strong> \u2013 invest\u00edcie ovplyv\u0148uj\u00fa hospod\u00e1renie podniku nieko\u013eko rokov z h\u013eadiska v\u00fdnosnosti i likvidity.<\/li>\n<li><strong>Riziko<\/strong> \u2013 s dlhodobos\u0165ou invest\u00edcie s\u00favis\u00ed i v\u00e4\u010d\u0161ie riziko. Je n\u00e1ro\u010dn\u00e9 odhadova\u0165 pr\u00edjmy a v\u00fddaje z invest\u00edcie na nieko\u013eko rokov dopredu, s \u010dasom rastie i mo\u017enos\u0165 odch\u00fdlok od odhadovan\u00fdch hodn\u00f4t.<\/li>\n<li><strong>Kapit\u00e1lov\u00e1 n\u00e1ro\u010dnos\u0165<\/strong> \u2013 invest\u00edcie si vy\u017eaduj\u00fa ve\u013ek\u00e9 jednorazov\u00e9 vklady, \u010dasto presahuj\u00face mo\u017enosti podniku<\/li>\n<li><strong>Vyvolan\u00e9 invest\u00edcie<\/strong> \u2013 podnikom prijat\u00e9 invest\u00edcie si m\u00f4\u017eu vy\u017eiada\u0165 \u010fal\u0161ie invest\u00edcie a s nimi spojen\u00e9 dodato\u010dn\u00e9 vysok\u00e9 v\u00fddaje. Pr\u00edkladom m\u00f4\u017eu by\u0165 v\u00fdstavba ciest, \u010disti\u010dky vody, likvid\u00e1cia po ukon\u010den\u00ed invest\u00edcie at\u010f.<\/li>\n<\/ol>\n<h2>Smery investovania<\/h2>\n<ul>\n<li>Vyvolan\u00e9 invest\u00edcie: Nemaj\u00fa stanoven\u00fa v\u00fdnosnos\u0165. S\u00fa vyvolan\u00e9 vzh\u013eadom na bezpe\u010dnos\u0165 pri pr\u00e1ci, ekol\u00f3giu \u010di in\u00e9 legislat\u00edvne opatrenia.<\/li>\n<li>Do obnovy hmotn\u00e9ho investi\u010dn\u00e9ho majetku: Predpokladan\u00e1 v\u00fdnosnos\u0165: Preva\u017en\u00e1 \u010das\u0165 invest\u00edci\u00ed smeruje do obnovy (budovy, stavby, strojov a \u010fal\u0161ie).<\/li>\n<li>Na zn\u00ed\u017eenie vlastn\u00fdch n\u00e1kladov: <a href=\"https:\/\/www.euroekonom.sk\/ekonomia\/strategicke-planovanie\/financne-planovanie-hodnotenie-vynosnosti-a-rizikovosti\/\">V\u00fdnosnos\u0165<\/a> by mala by\u0165 aspo\u0148 15 %.<\/li>\n<li>Rizikov\u00e9: Nemaj\u00fa normovan\u00fa v\u00fdnosnos\u0165, je vysok\u00e1, spojen\u00e1 s vysok\u00fdm rizikom, napr. do z\u00edskania nov\u00fdch trhov.<\/li>\n<li>Invest\u00edcie, ktor\u00e9 ved\u00fa k zv\u00fd\u0161eniu d\u00f4chodkov (diverzifik\u00e1cia, integr\u00e1cia&#8230;).<\/li>\n<li>Pod\u013ea rizikovosti:\n<ul>\n<li>s podpriemern\u00fdm rizikom: v\u00fdnosnos\u0165 je do 10%;<\/li>\n<li>s priemern\u00fdm rizikom a v\u00fdnosnos\u0165ou 13%;<\/li>\n<li>s nadpriemern\u00fdm rizikom s v\u00fdnosnos\u0165ou 16%.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Investi\u010dn\u00fd proces<\/h2>\n<ul>\n<li>V\u00fddavky na technick\u00e9 zhodnotenie budov: zvy\u0161uj\u00fa vstupn\u00fa a zostatkov\u00fa cenu a odpisuj\u00fa sa dlh\u00fd \u010das.<\/li>\n<li>Technick\u00e9 zhodnotenie: v\u00fddavky na dokon\u010den\u00e9 nadstavby, pr\u00edstavby a stavebn\u00e9 \u00fapravy, rekon\u0161trukcie a moderniz\u00e1cie prevy\u0161uj\u00face pri jednotlivom hmotnom majetku a nehmotnom majetku 1 700 EUR za zda\u0148ovacie obdobie&#8230;<\/li>\n<li>Opravy: z\u00e1sahy, ktor\u00e9 odstra\u0148uj\u00fa \u010diasto\u010dn\u00e9 fyzick\u00e9 opotrebenie alebo po\u0161kodenie. <span style=\"text-decoration: underline;\">Cie\u013e: <\/span>uvies\u0165 hmotn\u00fd majetok do p\u00f4vodn\u00e9ho alebo prev\u00e1dzkyschopn\u00e9ho stavu.<\/li>\n<li>Rekon\u0161trukciou budovy: z\u00e1sahy, ktor\u00e9 maj\u00fa za n\u00e1sledok zmenu: jej pou\u017eitia alebo technick\u00fdch parametrov; \u00fa\u010delu pou\u017eitia hmotn\u00e9ho majetku; kvalitat\u00edvnu zmenu v\u00fdkonnosti hmotn\u00e9ho majetku alebo technick\u00fdch parametrov.<\/li>\n<\/ul>\n<h2>F\u00e1zy investovania<\/h2>\n<p><strong>Investovanie m\u00e1 dve f\u00e1zy:<\/strong><\/p>\n<ol>\n<li>f\u00e1za (krat\u0161ia) \u2013 ide v nej o v\u00fddaj prostriedkov a z\u00edskanie nov\u00fdch akt\u00edv,<\/li>\n<li>f\u00e1za (dlh\u0161ia) \u2013 vedie k z\u00edskaniu trhu pr\u00edjmov vo viacer\u00fdch obdobiach.<\/li>\n<\/ol>\n<p><strong>Cie\u013e investi\u010dnej politiky<\/strong> je pr\u00edprava, v\u00fdber a realiz\u00e1cia tak\u00fdch investi\u010dn\u00fdch projektov, ktor\u00e9 prispievaj\u00fa k rastu trhovej hodnoty firmy.<\/p>\n<h2>Z\u00e1kladn\u00e9 skupiny invest\u00edci\u00ed<\/h2>\n<p>Z h\u013eadiska mikroekonomickej te\u00f3rie sa invest\u00edcia ch\u00e1pe ako rozsiahlej\u0161\u00ed pe\u0148a\u017en\u00fd v\u00fddaj u ktor\u00e9ho sa o\u010dak\u00e1va jeho premena na bud\u00face pe\u0148a\u017en\u00e9 pr\u00edjmy behom dlh\u0161ieho \u010dasov\u00e9ho obdobia. Invest\u00edcie sl\u00fa\u017eia nieko\u013eko rokov (spravidla viacej ako 1 rok) a s\u00fa po\u010das svojej \u017eivotnosti zdrojom pr\u00edrastku zisku podniku, ale i bremenom, ktor\u00e9 za\u0165a\u017euje jeho ekonomiku predov\u0161etk\u00fdm fixn\u00fdmi n\u00e1kladmi (Sedl\u00e1\u010dek, 2009, s.139).<br \/>\nInvest\u00edcie m\u00f4\u017eeme \u010dleni\u0165 pod\u013ea r\u00f4znych h\u013ead\u00edsk. Pre potreby finan\u010dnej te\u00f3rie m\u00e1 d\u00f4le\u017eit\u00fd v\u00fdznam \u010dlenenie z h\u013eadiska \u00fa\u010dtovn\u00e9ho (Kislingerov\u00e1, 2010, s. 36) na<\/p>\n<ul>\n<li>Kapit\u00e1lov\u00e9 invest\u00edcie<\/li>\n<li>Finan\u010dn\u00e9 invest\u00edcie<\/li>\n<\/ul>\n<p>Kapit\u00e1lov\u00e9 invest\u00edcie predstavuj\u00fa s\u00fahrnn\u00fd pojem pre invest\u00edcie hmotn\u00e9 a nehmotn\u00e9. Hmotn\u00e9 invest\u00edcie zahr\u0148uj\u00fa v\u00fddaje na pozemky, budovy, stavby, samostatne hnute\u013en\u00e9 veci at\u010f. Nehmotn\u00e9 invest\u00edcie zahr\u0148uj\u00fa v\u00fddaje na n\u00e1kup licenci\u00ed, softwaru, know-how, autorsk\u00fdch pr\u00e1v, v\u00fddaje na v\u00fdskum a v\u00fdvoj, zria\u010fovacie v\u00fddaje at\u010f.<br \/>\nFinan\u010dn\u00e9 invest\u00edcie predstavuj\u00fa pe\u0148a\u017en\u00e9 v\u00fddaje na n\u00e1kup dlhodob\u00fdch \u00faverov\u00fdch cenn\u00fdch papierov (oblig\u00e1cie, zmenky), majetkov\u00fdch cenn\u00fdch papierov (akcie, podielov\u00e9 listy&#8230;) a podnikom poskytnut\u00e9 dlhodob\u00e9 p\u00f4\u017ei\u010dky.<\/p>\n<ul>\n<li><strong>Finan\u010dn\u00e9 invest\u00edcie<\/strong> &#8211; n\u00e1kup cenn\u00fdch papierov, oblig\u00e1ci\u00ed, akci\u00ed, dlhodob\u00e9 ulo\u017eenie pe\u0148az\u00ed v banke, po\u017ei\u010danie pe\u0148az\u00ed investi\u010dn\u00fdm a in\u00fdm spolo\u010dnostiam s cie\u013eom z\u00edska\u0165 \u00faroky, dividendy alebo zisk.<\/li>\n<li><strong>Kapit\u00e1lov\u00e9 (hmotn\u00e9, fyzick\u00e9) invest\u00edcie<\/strong> vytv\u00e1raj\u00face alebo roz\u0161iruj\u00face dlhodob\u00fd hmotn\u00fd<\/li>\n<li><strong>Nehmotn\u00e9 invest\u00edcie<\/strong> &#8211; n\u00e1kup know-how, v\u00fddaje na v\u00fdskum, vzdelanie, soci\u00e1lny rozvoj a pod.<\/li>\n<\/ul>\n<h2>Delenie invest\u00edci\u00ed<\/h2>\n<p>Invest\u00edcie \u010dlen\u00edme pod\u013ea \u00fa\u010delu na obnovovacie a rozvojov\u00e9 invest\u00edcie.<\/p>\n<h3>Obnovovacie (re\u0161titu\u010dn\u00e9) invest\u00edcie<\/h3>\n<ul>\n<li>invest\u00edcie vynakladan\u00e9 na obnovu spotrebovan\u00e9ho kapit\u00e1lu<\/li>\n<li>nahr\u00e1dzaj\u00fa opotrebenie kon\u0161tantn\u00e9ho kapit\u00e1lu, pri\u010dom<\/li>\n<li>objem kapit\u00e1lu sa v prev\u00e1dzke nemen\u00ed men\u00ed sa len vecn\u00e1 forma.<\/li>\n<li>jednoduch\u00fa reprodukciu zabezpe\u010dovan\u00fa prostredn\u00edctvom odpisov majetku podniku.<\/li>\n<\/ul>\n<h3>Rozvojov\u00e9 (\u010dist\u00e9 \u2013 netto) invest\u00edcie<\/h3>\n<ul>\n<li>predstavuj\u00fa re\u00e1lnu akumul\u00e1ciu kapit\u00e1lu<\/li>\n<li>s\u00fa z\u00e1kladom roz\u0161\u00edrenia v\u00fdroby. Ich zdrojom s\u00fa \u00faspory.<\/li>\n<li>Zv\u00e4\u010d\u0161uj\u00fa objem kapit\u00e1lu v podniku a ekonomike.<\/li>\n<\/ul>\n<p><strong>IB = IR + IO<\/strong><\/p>\n<ul>\n<li>IB s\u00fa brutto (hrub\u00e9) invest\u00edcie<\/li>\n<li>IR s\u00fa rozvojov\u00e9 (\u010dist\u00e9) invest\u00edcie<\/li>\n<li>IO s\u00fa obnovovacie (re\u0161titu\u010dn\u00e9) invest\u00edcie<\/li>\n<\/ul>\n<h2>Investi\u010dn\u00e9 strat\u00e9gie<\/h2>\n<ol>\n<li><strong>maximaliz\u00e1cia trhovej hodnoty firmy<\/strong>\n<ul>\n<li>najvhodnej\u0161\u00edm typom investi\u010dnej strat\u00e9gie.<\/li>\n<li>investor vyber\u00e1 tie investi\u010dn\u00e9 projekty, ktor\u00e9 prin\u00e1\u0161aj\u00fa rast hodnoty invest\u00edcie v bud\u00facnosti, ako aj rast ro\u010dn\u00fdch pr\u00edjmov (v\u00fdnosov).<\/li>\n<\/ul>\n<\/li>\n<li><strong>strat\u00e9gia rastu hodnoty invest\u00edcie<\/strong>\n<ul>\n<li>Investor predpoklad\u00e1, \u017ee v bud\u00facnosti hodnota investi\u010dn\u00fdch vkladov v\u00fdrazne st\u00fapne a jeho predajom z\u00edska jednorazov\u00fd zna\u010dn\u00fd pr\u00edjem ako rozdiel medzi vlo\u017eenou a trhovou hodnotou v bud\u00facnosti. Tak\u00e1to strat\u00e9gia je vhodn\u00e1 hlavne pri vy\u0161\u0161ej infl\u00e1cii.<\/li>\n<\/ul>\n<\/li>\n<li><strong>strat\u00e9gia maximaliz\u00e1cie ro\u010dn\u00fdch pr\u00edjmov (v\u00fdnosov) z invest\u00edcie<\/strong>\n<ul>\n<li>opakom strat\u00e9gie rastu hodnoty invest\u00edcie.<\/li>\n<li>Investor d\u00e1va prednos\u0165 \u010do najvy\u0161\u0161\u00edm ro\u010dn\u00fdm v\u00fdnosom<\/li>\n<li>neh\u013ead\u00ed na rast hodnoty invest\u00edcie. Je vhodn\u00e1 pri n\u00edzkej infl\u00e1cii, pri ktorej sa be\u017en\u00e9 ro\u010dn\u00e9 v\u00fdnosy pr\u00edli\u0161 neznehodnocuj\u00fa a investi\u010dn\u00fd vklad si udr\u017euje v z\u00e1sade svoju hodnotu<\/li>\n<\/ul>\n<\/li>\n<li><strong>agres\u00edvna strat\u00e9gia<\/strong>\n<ul>\n<li>podnik preferuje projekty s vysok\u00fdm rizikom (napr. v zahrani\u010d\u00ed nepresk\u00faman\u00fd trh),<\/li>\n<li>mo\u017enos\u0165 vzniku vysok\u00fdch pr\u00edjmov.<\/li>\n<\/ul>\n<\/li>\n<li><strong>konzervat\u00edvna strat\u00e9gia<\/strong>\n<ul>\n<li>podnik postupuje opatrne, m\u00e1 averziu k riziku a vyber\u00e1 projekty bezrizikov\u00e9 alebo s n\u00edzkym stup\u0148om rizika<\/li>\n<li>men\u0161ia v\u00fdnosnos\u0165 (invest\u00edcie do \u0161t\u00e1tnych cenn\u00fdch papierov, do zabehnutej v\u00fdroby)<\/li>\n<\/ul>\n<\/li>\n<li><strong>strat\u00e9gia maxim\u00e1lnej likvidity invest\u00edci\u00ed<\/strong>\n<ul>\n<li>podnik d\u00e1va prednos\u0165 invest\u00edci\u00e1m, ktor\u00e9 s\u00fa schopn\u00e9 r\u00fdchlej\u0161ie sa transformova\u0165 na peniaze.<\/li>\n<li>snaha o \u010do najlikvidnej\u0161ie (napr. kr\u00e1tke term\u00ednov\u00e9 vklady, cenn\u00e9 papiere a pod.)<\/li>\n<li>maj\u00fa men\u0161iu v\u00fdnosnos\u0165.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h2>Hodnotenie ekonomickej efekt\u00edvnosti projektov<\/h2>\n<p>Cie\u013eom hodnotenia ekonomickej efekt\u00edvnosti jednotliv\u00fdch projektov je podpori\u0165:<\/p>\n<ul>\n<li>investi\u010dn\u00e9 rozhodnutie firmy:, \u010di dan\u00fd projekt prija\u0165 alebo zamietnu\u0165;<\/li>\n<li>finan\u010dn\u00e9 rozhodnutie firmy: o \u0161trukt\u00fare finan\u010dn\u00fdch zdrojov, ktor\u00e9 s\u00fa potrebn\u00e9 pre zabezpe\u010denie realiz\u00e1cie projektu<\/li>\n<\/ul>\n<p>Pri rozhodovan\u00ed a v\u00fdbere vhodn\u00e9ho projektu ide o splnenie dvoch krit\u00e9ri\u00ed:<\/p>\n<ul>\n<li>krit\u00e9rium rentability: dosiahnutie po\u017eadovan\u00e9ho v\u00fdnosu (CASH FLOW) projektu v kr\u00e1tkodobom a dlhodobom horizonte \u017eivotnosti projektu;<\/li>\n<li>krit\u00e9rium stability \u2013 preferencia finan\u010dnej stability.<\/li>\n<\/ul>\n<h2>Met\u00f3dy hodnotenia efekt\u00edvnosti investi\u010dn\u00fdch projektov<\/h2>\n<p>Pozrite si z\u00e1kladn\u00e9 met\u00f3dy <a href=\"https:\/\/www.euroekonom.sk\/financie\/financne-investovanie\/hodnotenie-efektivnosti-investicnych-projektov\/\">hodnotenia efekt\u00edvnosti investi\u010dn\u00fdch projektov<\/a>:<\/p>\n<h3>Statick\u00e9 met\u00f3dy<\/h3>\n<ul>\n<li>Met\u00f3dy vyu\u017e\u00edvaj\u00face rentabilitu<\/li>\n<li>Met\u00f3da doby splatnosti<\/li>\n<li>Met\u00f3dy priemern\u00fdch n\u00e1kladov<\/li>\n<\/ul>\n<h3>Dynamick\u00e9 met\u00f3dy (met\u00f3dy zalo\u017een\u00e9 na diskontovan\u00ed)<\/h3>\n<ul>\n<li>Met\u00f3da \u010distej s\u00fa\u010dasnej hodnoty<\/li>\n<li>Index ziskovosti (rentability)<\/li>\n<li>Vn\u00fatorn\u00e9 v\u00fdnosov\u00e9 percento<\/li>\n<li>Met\u00f3da splatnosti (doby \u00fahrady)<\/li>\n<li>Diskontovan\u00e1 doba \u00fahrady<\/li>\n<\/ul>\n<h3>Hodnotenie projektov na z\u00e1klade n\u00e1kladov\u00fdch met\u00f3d<\/h3>\n<ul>\n<li>Statick\u00e1 n\u00e1kladov\u00e1 met\u00f3da<\/li>\n<li>Met\u00f3da priemern\u00fdch ro\u010dn\u00fdch n\u00e1kladov<\/li>\n<li>Met\u00f3da diskontovan\u00fdch n\u00e1kladov<\/li>\n<\/ul>\n<h2>Statick\u00e9 met\u00f3dy<\/h2>\n<p><strong>Statick\u00e9 met\u00f3dy hodnotenia efekt\u00edvnosti investi\u010dn\u00fdch projektov<\/strong> nere\u0161pektuj\u00fa faktor \u010dasu \u2013 napr. doba n\u00e1vratnosti, priemern\u00e9 ro\u010dn\u00e9 n\u00e1klady. Je mo\u017en\u00e9 ich pou\u017ei\u0165 iba vtedy, ke\u010f faktor \u010dasu nem\u00e1 podstatn\u00fd vplyv na rozhodovanie o invest\u00edci\u00e1ch.<br \/>\nTe\u00f3ria hovor\u00ed o statick\u00fdch met\u00f3dach ako o met\u00f3dach, ktor\u00e9 neprihliadaj\u00fa na faktor \u010dasu. Napriek tomu s\u00fa tieto met\u00f3dy ob\u013e\u00faben\u00e9 hlavne pre svoju jednoduchos\u0165 a zrozumite\u013enos\u0165. Pri praktickom vyu\u017eit\u00ed by v\u0161ak mali by\u0165 sk\u00f4r podporn\u00e9, napr\u00edklad pri prvom zozn\u00e1men\u00ed sa s projektom pri potrebe r\u00fdchleho vyhodnotenia. Preto s\u00fa tieto met\u00f3dy vhodn\u00e9 v\u0161ade tam, kde m\u00e1 faktor \u010dasu na invest\u00edcie mal\u00fd vplyv. Naj\u010dastej\u0161ie ide o men\u0161ie, \u010dasovo nen\u00e1ro\u010dn\u00e9 projekty, ktor\u00fdch realiz\u00e1cia a \u017eivotnos\u0165 nie s\u00fa dlhodob\u00e9 a vplyv \u010dasu na hodnotu projektu je t\u00fdm p\u00e1dom n\u00edzka. D\u00f4le\u017eit\u00fa \u00falohu hr\u00e1 tie\u017e diskontn\u00e1 sadzba, alebo aj po\u017eadovan\u00e1 miera v\u00fdnosnosti, kde plat\u00ed, \u017ee \u010d\u00edm vy\u0161\u0161ia bude diskontn\u00e1 sadzba, t\u00fdm bude vplyv \u010dasu na invest\u00edciu vy\u0161\u0161\u00ed. Tak ako je v obr\u00e1zku 11 ilustrovan\u00e9, medzi statick\u00e9 met\u00f3dy rad\u00edme met\u00f3dy vyu\u017e\u00edvaj\u00face rentabilitu, met\u00f3da doby splatnosti a met\u00f3dy priemern\u00fdch n\u00e1kladov<br \/>\nMedzi statick\u00e9 met\u00f3dy hodnotenia efekt\u00edvnosti investi\u010dn\u00fdch projektov patria:<\/p>\n<ul>\n<li>Porovnanie n\u00e1kladov &#8211; met\u00f3da priemern\u00fdch n\u00e1kladov<\/li>\n<li>Porovnanie zisku<\/li>\n<li>V\u00fdpo\u010det rentability &#8211; met\u00f3dy vyu\u017e\u00edvaj\u00face rentabilitu<\/li>\n<li>V\u00fdpo\u010det doby splatnosti &#8211; met\u00f3da doby splatnosti<\/li>\n<\/ul>\n<h2>Dynamick\u00e9 met\u00f3dy<\/h2>\n<p><strong>Dynamick\u00e9 met\u00f3dy hodnotenia efekt\u00edvnosti investi\u010dn\u00fdch projektov<\/strong> re\u0161pektuj\u00fa faktor \u010dasu \u2013 napr. vn\u00fatorn\u00e9 v\u00fdnosov\u00e9 percento. Pou\u017e\u00edvaj\u00fa sa v\u0161ade tam, kde sa po\u010d\u00edta s dlh\u0161ou dobou n\u00e1kupu investi\u010dn\u00e9ho majetku a dlhou dobou jeho ekonomickej \u017eivotnosti.<br \/>\nDynamick\u00e9 met\u00f3dy s\u00fa v\u0161eobecne odpor\u00fa\u010dan\u00e9 ako z\u00e1klad pre posudzovanie ekonomickej efekt\u00edvnosti projektov. Odstra\u0148uj\u00fa podstatn\u00fd nedostatok statick\u00fdch met\u00f3d, ktor\u00e9 ignoruj\u00fa \u010dasov\u00fa hodnotu pe\u0148az\u00ed.<\/p>\n<ul>\n<li>Neistota bud\u00facich pr\u00edjmov, ktor\u00e1 s\u00favis\u00ed s podst\u00fapen\u00fdm rizikom hodnotenia dne\u0161n\u00fdch pr\u00edjmov vy\u0161\u0161ie ako pr\u00edjmov bud\u00facnosti<\/li>\n<li>Infl\u00e1cia ako faktor znehodnocuj\u00faci k\u00fapnu silu pe\u0148az\u00ed<\/li>\n<li>N\u00e1klady nezrealizovan\u00fdch (ujden\u00fdch) pr\u00edle\u017eitosti a mo\u017enos\u0165 alternat\u00edvneho v\u00fdnosu v pr\u00edpade in\u00e9ho pou\u017eitia prostriedkov<\/li>\n<\/ul>\n<p>Dynamick\u00e9 met\u00f3dy by preto mali by\u0165 vyu\u017e\u00edvan\u00e9 v\u0161ade tam, kde uva\u017eujeme o projekte s dlh\u0161ou dobou tak nadobudnutia, ako \u017eivotnosti. Je potrebn\u00e9 vyzdvihn\u00fa\u0165, \u017ee \u010dasov\u00e1 hodnota sa premieta tak do pe\u0148a\u017en\u00fdch pr\u00edjmov, ako do v\u00fddajov. V pr\u00edpade ak nieje \u010dasov\u00e1 hodnota pe\u0148az\u00ed zahrnut\u00e1 do rozhodovania o projekte, pomerne \u010dasto nast\u00e1va zna\u010dn\u00e9 skreslenie efekt\u00edvnosti jednotliv\u00fdch projektov, alebo ich variant alebo ich variant a t\u00fdm aj k nespr\u00e1vnemu rozhodnutiu.<br \/>\nV praxi sa naj\u010dastej\u0161ie pou\u017e\u00edva met\u00f3da \u010distej s\u00fa\u010dasnej hodnoty, index rentability, met\u00f3da vn\u00fatorn\u00e9ho v\u00fdnosov\u00e9ho percenta a met\u00f3da doby \u00fahrady, av\u0161ak s\u00fa zn\u00e1me aj in\u00e9 ako \u010dist\u00e1 kone\u010dn\u00e1 hodnota, met\u00f3da vo\u013en\u00e9ho cash flow a ekonomick\u00e1 pridan\u00e1 hodnota.<br \/>\nMedzi dynamick\u00e9 met\u00f3dy hodnotenia efekt\u00edvnosti investi\u010dn\u00fdch projektov patria:<\/p>\n<ul>\n<li>\u010cist\u00e1 s\u00fa\u010dasn\u00e1 hodnota &#8211;\u00a0Met\u00f3da \u010distej s\u00fa\u010dasnej hodnoty<\/li>\n<li>Index rentability &#8211;\u00a0Index ziskovosti<\/li>\n<li>Vn\u00fatorn\u00e9 v\u00fdnosov\u00e9 percento<\/li>\n<li>Met\u00f3da splatnosti (doby \u00fahrady)<\/li>\n<li>Diskontovan\u00e1 doba \u00fahrady<\/li>\n<\/ul>\n<h2>N\u00e1kladov\u00e9 met\u00f3dy<\/h2>\n<p><strong>N\u00e1kladov\u00e9 met\u00f3dy hodnotenia efekt\u00edvnosti investi\u010dn\u00fdch projektov<\/strong> zast\u00e1vaj\u00fa pri hodnoten\u00ed ekonomickej efekt\u00edvnosti invest\u00edci\u00ed samostatn\u00e9 postavenie. Tieto met\u00f3dy nehodnotia projekt z h\u013eadiska pe\u0148a\u017en\u00fdch tokov, ale z h\u013eadiska investi\u010dn\u00fdch a prev\u00e1dzkov\u00fdch n\u00e1kladov. N\u00e1kladov\u00e9 met\u00f3dy je mo\u017en\u00e9 pou\u017ei\u0165 pri porovn\u00e1van\u00ed investi\u010dn\u00fdch alternat\u00edv s rovnak\u00fdm rozsahom v\u00fdroby pri rovnak\u00fdch realiza\u010dn\u00fdch cen\u00e1ch, odli\u0161uj\u00facich sa iba z h\u013eadiska n\u00e1kladov napr\u00edklad v technick\u00fdch variantoch projektu.<br \/>\nIch pou\u017eitie je vhodn\u00e9 tie\u017e vtedy, ke\u010f nem\u00f4\u017eeme spo\u013eahlivo odhadn\u00fa\u0165 predajn\u00e9 ceny v\u00fdrobkov a teda ani zisk z ich predaja. Pri tejto variante sa javia ako najvhodnej\u0161ie tie projekty, ktor\u00e9 sa orientuj\u00fa na minimaliz\u00e1ciu celkov\u00fdch n\u00e1kladov. N\u00e1kladov\u00e9 met\u00f3dy zah\u0155\u0148aj\u00fa statick\u00fa n\u00e1kladov\u00fa met\u00f3du, met\u00f3du ro\u010dn\u00fdch n\u00e1kladov a met\u00f3du diskontovan\u00fdch n\u00e1kladov.<br \/>\nMedzi n\u00e1kladov\u00e9 met\u00f3dy hodnotenia efekt\u00edvnosti investi\u010dn\u00fdch projektov patria:<\/p>\n<ul>\n<li>Statick\u00e1 n\u00e1kladov\u00e1 met\u00f3da<\/li>\n<li>Met\u00f3da priemern\u00fdch ro\u010dn\u00fdch n\u00e1kladov<\/li>\n<li>Met\u00f3da diskontovan\u00fdch n\u00e1kladov<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Invest\u00edcia je \u010das\u0165 HDP, ktor\u00e1 sa nespotrebuje v obdob\u00ed jej utvorenia, ale sa u\u0161etr\u00ed, aby sa investovala. Invest\u00edciu m\u00f4\u017eeme ch\u00e1pa\u0165 aj ako s\u00fa\u010det v\u0161etk\u00fdch n\u00e1kladov &hellip; <\/p>\n","protected":false},"author":17,"featured_media":24801,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,551],"tags":[149,53],"class_list":["post-9055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investovanie","category-podnikam","tag-investicie","tag-peniaze"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Invest\u00edcie a investovanie<\/title>\n<meta name=\"description\" content=\"Invest\u00edcie a investovanie, smery investovania, investi\u010dn\u00fd proces, smery investovania, investi\u010dn\u00e9 strat\u00e9gie a met\u00f3dy hodnotenia efekt\u00edvnosti invest\u00edci\u00ed\" \/>\n<meta name=\"robots\" content=\"index, follow, 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